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VIC Narre Warren/berwick

Discussion in 'Where to Buy' started by Wonderland, 5th Jul, 2015.

  1. Wonderland

    Wonderland Active Member

    Joined:
    1st Jul, 2015
    Posts:
    25
    Location:
    Melbourne
    What are people's thoughts on this area for a first IP? I live in the south eastern suburbs and would feel more comfortable buying out first IP in an area where we are quite familiar with?
    Is there much CG around these areas?
    I was also thinking Springvale/keysborough area but seems that property prices there are getting ridiculous so I've probably already missed the boat there.
    Any advice or predictions appreciated :)
     
  2. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    Hi Wonderland,

    If your looking at buying your first IP have you got a budget in place? Also what do you want to achieve out of this property eg; Buy - Hold and rent it out?.

    I think its great that you have identified the above areas as being hot... Buying in a over hot market means less capital gain and more risk.

    Don't be afraid of looking at buying in a area you are not comfortable with. Fear will only restrict you and to be honest do not limit your scope :)
     
  3. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    970
    Location:
    Melbourne
    Wonderland,

    "Comfortable" should not be a driving factor in your investment decision process,"comfortable" normally means a decision based on little research into why the "comfortable" area would make a great investment.

    Research is the absolute key to any investment decision..
     
  4. Wonderland

    Wonderland Active Member

    Joined:
    1st Jul, 2015
    Posts:
    25
    Location:
    Melbourne
    We are hoping to have a budget of about $400k-$500k. Won't really know for sure until we speak to a mortgage broker. I'm looking at buy and hold, preferably a house with land rather than a unit or townhouse.

    Yes I agree. You are right on both counts. I am a little scared to look outside my comfort zone but I do intend to research. I'm not sure how the process works. Do you decide on a location and then do research on it or the other way round? I'm comfortable around my area because I know the reputations of certain areas so I know which areas to avoid. Buying in another area (eg. Western subs), I only have a general idea of the reputation of some of those suburbs. When research, how would you know whether an area is bad or 'rough'? You wouldnt be able to just google something like that can you? It's such a daunting task on deciding where to buy. Being all new to this, the part I'm struggling with is how to research and what to research for an area. I don't mind doing the hard yards and reading and researching, but I'm not confident in how to go about conducting these research.
     
  5. JamesP

    JamesP Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    68
    Location:
    Melbourne
    We're looking to buy here too but it's grown too much over the last 18 months. Our house was 650k end of 2013 revalued last week at 800k. The one I'm renting sold for 415k in 2012 and is now worth 480-540k renovated.

    Don't think it can grow anymore there was still value last year not so much now. Upper beacy/Narre North are going nuts we're now looking more towards Upwey-Gembrook but you need a small 4wd to access the blocks/streets.

    Cranbourne is overpriced for what it is same goes for Narre homes 280k only last year are now 350-390k.

    Prices are insane. I think I might start looking at Warburton East :O the town was double it's median only 5 or so years ago :)

    Frankston has grown far less so it might actually be worth considering now over Berwick/Casey. Frankston to me looks overpriced and a place that can only grow so much. Some area's in Frankston South look pretty well priced still if I was buying there that's probably we're I'd look. Last year would've been a completely different story, been pushed out of everywhere!!
     
  6. Lone_Wolf

    Lone_Wolf Active Member

    Joined:
    1st Jul, 2015
    Posts:
    40
    Location:
    King's Lading
    [QUOTE="so I've probably already missed the boat there.[/QUOTE]

    You have not missed the boat, only a matter at "what price"

    Set your budget, look at your short-long term strategy, then decide on location and other details
     
  7. Tekoz

    Tekoz Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,244
    Location:
    Sydney
    @JamesP how come Cranbourne is over price ?

    Looking at the statistics http://www.realestate.com.au/neighbourhoods/cranbourne-3977-vic it is on the way up annually with the new House & Land package is under $400k.

    But yes the land size is under 400sq metre.

    So is it a problem in VIC ?

    I also received similar comments that in QLD land size under 400sq M is too small.

    Correct me if I'm wrong ?